Equifax Finance Blog » Miranda Marquithttp://blog.equifax.com
Thu, 30 Jul 2015 12:00:42 +0000en-UShourly1http://wordpress.org/?v=4.2.3Four Ways to Move on a Budgethttp://blog.equifax.com/family-money/12739/
http://blog.equifax.com/family-money/12739/#commentsTue, 30 Jun 2015 12:00:00 +0000http://blog.equifax.com/?p=12739Moving can take a big chunk out of your budget. The American Moving and Storage Association estimates that it costs almost $1,200 for the average in-state move and more than $5,000 for the average out-of-state move.

However, moving doesn’t necessarily mean you’ll be stuck with such a large bill. Here are a few moving behaviors to consider that help reduce costs, whether you are moving across the state or across the country.

1. Purge your stuff.

“There’s no need to haul stuff across the state or country that you don’t really want anyway,” says John Egan, editor-in-chief of the SelfStorage.com Moving Blog. “The more stuff you have, the more it’ll cost to pack and move it.”

Fewer possessions also make it easier to complete a do-it-yourself (DIY) move. Catherine Alford , the founder of BudgetBlonde.com, recently moved from Louisiana to New Jersey. “We rented a trailer to attach to our SUV instead of a moving truck,” she says. “The trailer was $450, a bargain compared to the $1,000 to $2,000 we were quoted for other methods.”

Without downsizing, Alford and her husband wouldn’t have been able to pack everything into the trailer. They got rid of what they didn’t need or want in Louisiana and looked for replacements after arriving in their new home, scouring Ikea, Craigslist, and Overstock.com for the rest of their furniture. Even after buying replacements, they still came out ahead. “Overall, it was the cheapest way to tackle the move, although not the most convenient,” Alford says.

Egan recommends selling your purged possessions for a little extra cash or donating items to charity. If you go the latter route, be sure to document the value of your goods and save the receipts from your donations so that you can take a deduction on your tax return.

2. Shop around.

It’s a good idea to shop around for the most competitive moving costs. Identify exactly what you are looking for so that you can compare apples to apples when receiving quotes.

“Don’t settle for the first bid you get from a moving company,” says Egan. “It’s best to get written bids from at least three moving companies whose representatives have visited your home.”

Egan suggests using competing quotes to negotiate lower pricing and extra services from movers. In some cases, you might be able to negotiate packing costs or a few days of free storage.

You can also shop around if you’re planning a DIY move. Rather than arranging an online quote, contact the local representatives of companies that rent trucks and trailers and ask about a discount.

3. Check for affiliation discounts.

Egan points out that members of AAA and AARP can receive discounts on moving costs. If you are a member of a credit union, the American Legion, a labor union, U.S. military personnel or a veteran, you may also be eligible for discounts. Some large companies also offer discounts for employees and moving companies may be included among them.

When you talk to a representative from a moving company, be sure to ask about specials and discounts. The answer is always “no” if you don’t ask.

4. Consider a hybrid move.

The hybrid move is a budget strategy that involves hiring professional packers to load and unload your rented moving truck or trailer. You pack your own boxes but hire professionals to take apart and pad furniture and to load all your possessions into the truck or trailer you have rented. When you arrive at your destination, you hire professionals to unload everything and place it in your preferred rooms.

When moving on a budget, you aren’t necessarily restricted to DIY strategies. The hybrid move is becoming increasingly popular, according to Mike Glanz , the chief executive of HireAHelper.com. “Interest in finding help on a common DIY move has been growing as Americans have gotten busier, older, and more affluent,” he says.

This strategy can reduce the stress of a DIY move and tends to be more cost efficient than a full-service moving company. “This is a good solution for consumers who aren’t interested in taking a three-day weekend to do everything themselves but at the same time aren’t excited at the thought of a $5,000 moving bill,” says Glanz.

When you need to move, consider what is likely to work best in your situation. There are plenty of options for moving on a budget if you are willing to get creative.

Miranda Marquit is a freelance journalist specializing in financial topics. Read more of her writing on Huffington Post, Wise Bread, AllBusiness, and at her website, Planting Money Seeds. Follow her on Twitter: @MMarquit

Part of the problem with Medicare cards is that your health insurance claim number (HICN) under Medicare is the same as your Social Security number (SSN)—and that full number is displayed on your Medicare card. The Social Security Administration warns consumers to avoid carrying their Social Security card with them, but Medicare cards instruct beneficiaries to carry their card at all times in order to be prepared to show it for billing purposes when they receive care.

While President Obama recently signed a bill that will prevent this number from appearing on Medicare cards, Medicare officials still have four years to start issuing cards with new identifiers and four additional years to issue new cards to current Medicare beneficiaries.

Until then, Medicare cardholders will continue to carry their SSN with them. This is a vital piece of personal information that, if stolen, can be used in a number of ways, from claiming your tax refund to opening credit lines in your name.

How can you reconcile this conflicting information? How do ensure that you receive your benefits without compromising your identity?

How to safely carry your Medicare card

If you want to carry some proof of Medicare on your person, you may want to consider photocopying your Medicare card, says the Privacy Rights Clearinghouse. After you photocopy the card, you can cut out the number—except the last four digits. This is similar to how your SSN number is protected on other documents. You will end up with proof of Medicare coverage that you can carry with you, but you won’t be giving away your entire SSN.

You can also make a color copy of your Medicare card with the number deleted entirely.

Alternatives to carrying your Medicare card

You may not have to carry your Medicare card around with you at all. Many healthcare providers now have electronic records, or they keep track of your information once it is entered into their system. You can either take your Medicare card in only the first time you visit a new provider, or you can provide your number to your provider over the phone. (Just watch out for scammers, who might call you to solicit this information.)

You will have to bring your Medicare card with you for your first visit with a healthcare provider. That provider will likely make a copy of the card for their files.

While carrying a copy of your Medicare card with your SSN removed may help better protect your identity, you should never assume that a healthcare provider will accept a photocopy of the card itself. Be sure to check with your individual healthcare providers about their specific policies regarding proof of Medicare coverage.

In the event of an emergency, emergency personnel can’t refuse care until you provide them with your insurance card. You have to provide billing information before leaving the hospital, but you shouldn’t be denied care because you don’t have your Medicare card on your person if an emergency occurs.

How to help better protect your SSN

Even if you don’t carry your Medicare card with you, your SSN could be compromised in other places. To help better protect one of your most sensitive pieces of personal information, be careful to whom you give it.

For example, if a business requests your SSN, ask if there’s another identifier, such as a driver’s license number, that you can use instead. If you absolutely must give out the number, be sure to ask how it will be stored and protected. Also be sure to shred any documents that contain your SSN before throwing them away.

At some point over the next eight years, Medicare cards will no longer display Social Security numbers. Until then, it’s important to carry your card safely and be vigilant about who has access to this important piece of personally identifiable information.

Miranda Marquit is a freelance journalist specializing in financial topics. Read more of her writing on Huffington Post, Wise Bread, AllBusiness, and at her website, Planting Money Seeds. Follow her on Twitter: @MMarquit

]]>http://blog.equifax.com/retirement/identity-theft-protection-how-to-safely-carry-your-medicare-card/feed/1What to Consider When Choosing Healthcare Planshttp://blog.equifax.com/insurance/what-to-consider-when-choosing-healthcare-plans/
http://blog.equifax.com/insurance/what-to-consider-when-choosing-healthcare-plans/#commentsTue, 02 Jun 2015 13:56:37 +0000http://blog.equifax.com/?p=12424If you’re looking for the most cost-effective insurance plan, you might be drawn to a high-deductible health plan. Because the deductible for this type of plan can be as much as $1,000 or more, you typically pay lower monthly premiums, which can leave you with more money for other expenses. But if you get sick, you may pay more out of pocket for your healthcare costs.

With all of the factors associated with healthcare and healthcare costs, it’s important to think carefully when you compare health insurance plans and which one is right for you.

Here are some things to consider when evaluating different healthcare plans.

1.Health comes first.

When contemplating healthcare plans, keep in mind the state of your own health. If you see certain healthcare providers or take certain medications in order to maintain your health, some of these healthcare plan best practices may not apply to you.
2. Shop around.

We shop around for almost everything in our lives, and healthcare should not be any different. This is especially true when you consider that average healthcare costs can vary widely, depending on the facility and where it is located. In some cases, the variance in cost for the same procedure may vary by thousands of dollars. Compare prices at different facilities that accept your health insurance policy to find the best price.

3. Negotiate costs.

You can do more than shop around for the most affordable healthcare. In some cases, you can negotiate costs with healthcare providers.

Some healthcare facilities may be willing to negotiate on price if you have a high-deductible health plan. Other providers may offer a discount if you pay with cash and then handle reimbursement paperwork for your insurer on your own. At the very least, it’s often possible to arrange a payment plan with your healthcare provider and worth asking if you’re unsure.

Another way to save money when you have a high-deductible health plan is with a health-related savings account. There are two main account types to consider:

Flexible spending account (FSA): Money for your FSA comes out of your paycheck pre-tax, reducing your income (and your tax liability). You can use this money for qualified health expenses. It’s important to note that there is usually a “use it or lose it” policy with an FSA; although new federal guidance allows employers to let employees roll over a portion of their FSA money to the new year or to grant them a brief grace period in which to use it. Despite this, it’s still a good idea to use the money in your account by the end of the year so that you don’t run the risk of losing it.

Health savings account (HSA): Only people who have a high-deductible health plan can open an HSA. With an HSA, your money rolls over indefinitely, so you don’t have to worry about losing it if you don’t use up the funds. Not only are your contributions tax-deductible, but they also go into an account that earns interest, and if you use the money for qualified health expenses, it is tax-free. This can mean big savings to you over time because the right planning means you never pay taxes on the money involved with your HSA.

While there are issues to consider, having a high-deductible health plan can save you money in a variety of ways. Put the money you save in a tax-advantaged account, and when you do need to pay out of pocket, it will be more manageable.

Miranda Marquit is a freelance journalist specializing in financial topics. Read more of her writing on Huffington Post, Wise Bread, AllBusiness, and at her website, Planting Money Seeds.

]]>http://blog.equifax.com/insurance/what-to-consider-when-choosing-healthcare-plans/feed/0Tax Deductions and Travel: Mixing Business with Pleasurehttp://blog.equifax.com/tax/tax-deductions-and-travel-mixing-business-with-pleasure/
http://blog.equifax.com/tax/tax-deductions-and-travel-mixing-business-with-pleasure/#commentsTue, 12 May 2015 12:00:09 +0000http://blog.equifax.com/?p=12411If you travel regularly for business, there may be times when you decide to bring the family along. After satisfying your work commitments, you have the opportunity to enjoy some quality family time even when you’re on the road, and, as an added bonus, a portion of your vacation might lower your tax liability.

While you can’t get a tax deduction for a personal vacation, you may be eligible for certain federal tax deductions if you make business a part of your trip.

What is tax deductible when traveling for business?

If you simply spend a couple of hours working on your laptop and the rest of the time by the pool or sitting in your hotel room, don’t expect to receive a tax deduction. In order for an expense to be considered a legitimate tax deduction, it must be associated to a business-related activity that could not otherwise be done at home.

One year, I combined a trip to see my in-laws with a business conference. We planned the trip so that my son could spend a week with his grandparents and they could babysit him while I was working. In the end, because the primary reason for my trip was business-related, I was able to deduct from my federal taxes the cost of my round-trip plane ticket and the cost of my hotel for the three days.

Document business activities and separate them from family expenses

It’s important to understand that you can’t take a tax deduction for your family’s travel expenses—only your own. While your family members can stay in your hotel room, you can’t deduct the nights that you aren’t there for business.

In addition, keep in mind that if you go to a three-day conference, but you stay four additional days, you can’t deduct the cost of those four non-conference days on your tax return.

While you may be able to mix business with pleasure, be sure to consult tax resources to understand what’s deductible and what’s not. For a complete list of approved expenses for both business and personal travel, click here.

Miranda Marquit is a freelance journalist specializing in financial topics. Read more of her writing on Huffington Post, Wise Bread, AllBusiness, and at her website, Planting Money Seeds.

]]>http://blog.equifax.com/tax/tax-deductions-and-travel-mixing-business-with-pleasure/feed/1Three Options for Making Safer Online Paymentshttp://blog.equifax.com/credit/three-options-for-making-safer-online-payments/
http://blog.equifax.com/credit/three-options-for-making-safer-online-payments/#commentsFri, 10 Apr 2015 12:48:46 +0000http://blog.equifax.com/?p=12237Many consumers are concerned about shopping online. While they like the convenience of shopping online, they may wonder whether it’s worth the risk that their payment information could be stolen and used to make unauthorized purchases.

Fortunately, you can enjoy the convenience of online shopping while also protecting your personal payment information. By choosing some of the more secure ways to pay online, you can help prevent your sensitive personal information from falling into the wrong hands.

Here are three options to consider when you are paying online:

1. Disposable credit card number

One of the safest ways to pay online is to use a so-called “virtual” or “disposable” credit card number. These numbers, which you can get from your credit card issuer, are randomly generated digits you can use in place of your real credit card information. You can use them in online and telephone purchase transactions—those in which you don’t need to show your physical credit card.

The biggest advantage to a disposable credit card number is that it can only be used a limited number of times. You might only be able to use it once, or the number might be limited to three to five uses. If someone steals the information, the credit card won’t work.
2. Third-party payment services

You can also use third-party payment services to manage your online payments. Services such as PayPal and Google Wallet allow you to make purchases without having to input your information into a seller’s website. Instead, you keep your information on a single, third-party payment site, select that option at checkout, and let the third-party payment service transfer the funds. As a result, the places where your information might be compromised are limited—the third-party payment service has your information, but the various retailers do not. You can also use some of these services to complete in-store transactions.

3. Prepaid debit cards

Another option for paying online is a prepaid debit card. Prepaid cards can be used like credit cards, but they don’t actually connect to your bank account or credit card account. You can purchase a prepaid card offline and then use it to pay online.

Because the card isn’t tied to your bank account, if someone accesses the card’s information, you only risk losing the preloaded amount, which could be nothing at all if you’ve already spent everything on the card. Depending on the card issuer, some prepaid debit cards also come with fraud protection once you register the card so that if your card is stolen, you can recover your money. You can manage the card by adding funds only when you know you will be making a purchase and not adding more funds than you need at any time.

If you do opt for this route, keep in mind that these cards often have associated fees to activate them and to load money onto them.

That’s because if you use a debit card online and your information is compromised, the money comes out of your bank account, making it unavailable to you until the situation is resolved. When your credit card information is taken and used, it is your line of credit being tapped rather than the funds in your bank account.

Before shopping online, consider the safest ways to pay and verify you’re doing business with a reputable site. Check to see if there is a physical address and phone number for the company listed on the site; review the business’s return policy; and ensure the information is clear should a problem ensue.

]]>http://blog.equifax.com/credit/three-options-for-making-safer-online-payments/feed/8A Beginner’s Guide to Finding and Buying Health Insurancehttp://blog.equifax.com/insurance/finding-and-buying-health-insurance/
http://blog.equifax.com/insurance/finding-and-buying-health-insurance/#commentsFri, 20 Mar 2015 12:06:32 +0000http://blog.equifax.com/?p=12028Back in November, Equifax Finance Blogger Susan Johnston discussed the differences between HMO, PPO, and EPO health insurance plans. Now that you’ve decided on which plan might work best for you, it’s time to shop for and compare insurance plans to ensure you find the health insurance policy that fits your needs.

The Patient Protection and Affordable Care Act (PPACA, also called Obamacare) requires everyone, except those in very specific circumstances, to purchase health insurance. If it’s your first time enrolling in a health insurance plan, all of the options can be daunting. Should you go through the new Marketplace? What should you pay each month? Are you better off going with a high or low deductible?

There’s a lot to consider, so as you look through your health insurance options, here are a few things to remember:

Where to get health insurance

If you have a job that offers health insurance benefits, this is the first place to stop and find out what options you have. Many employers partially subsidize your health insurance so you pay a little bit less for your plan than you would if you paid for it yourself. Plus, you can have your premium automatically taken from your paycheck, resulting in a tax deduction.

When health insurance through an employer isn’t an option, you can look for insurance in other places. HealthCare.gov offers access to an exchange set up to find plans. If you are concerned about affordability, there are different plan levels, as well as tax benefits available to help you offset the costs.

Finally, you can also look for insurance on your own. You can often buy your plan directly from an insurer. You can also use an aggregator like Insurance.com that can help you review plans for which you are eligible and can give you multiple quotes from various companies.

How to compare health insurance plans

When comparing health insurance options, you need to pay attention to the coverage being offered as well as the price of the plan. First, determine your healthcare needs. How many times per year do you normally visit a healthcare provider? Do you have regular prescriptions? Are there people in your family with chronic conditions?

Then, determine which plan will cover all of your healthcare needs. Plan providers usually provide side-by-side comparisons of benefits and costs of plans, which can help you make a more informed decision.

What the cost of your health insurance plan might be

Once you have narrowed down the options, you need to figure out how you will pay for your plan. The first consideration is the deductible you can afford. Your deductible is the amount of money you pay out of pocket for your care. For example, if you have a deductible of $1,000, that means that you pay out of pocket for what you need—including prescriptions and office visits—until you spend $1,000.

If you are willing to pay more out of pocket for your care, your monthly premium (the amount you pay each month for coverage) will be smaller. If you pay for a high-deductible health plan, you can not only save on your premiums each month but also get an additional tax benefit by setting aside money in a health savings account (HSA).

There are also bare-bones health plans that are meant for what is considered “catastrophic” care, such as when you go to the hospital. Deductibles are generally high with these plans, and coverage is limited, but monthly costs are usually low. If you don’t have many healthcare needs, and you don’t have dependents, this type of plan can be a good choice.

On the other hand, if you have a lot of healthcare needs, it might make more sense to purchase a plan that costs more each month but has a lower deductible. These types of plans also generally come with manageable co-pays, which are what you pay out of pocket for a doctor visit or for a prescription. If a doctor visit normally costs $150, for example, your co-pay could be only $30, while the insurance company covers the rest.

Other procedures might have a co-pay expressed as a percentage. If you have a 20 percent co-pay for hospital stays, for example, it means that you are responsible for paying that portion. With a $10,000 hospital stay, you would pay $2,000 and the insurance company would pay $8,000.

If you have a partner who receives benefits at work, you can run the numbers to see what option will be best for you. It may make sense to insure your whole family with one plan, or it might be a better idea to split your insurance. A good financial planner or a knowledgeable human resources representative can help you work through the possibilities.

As you compare your options, make sure you get the coverage you need at a price you can afford, and remember that there are resources available to help you pay for your healthcare.

]]>http://blog.equifax.com/insurance/finding-and-buying-health-insurance/feed/0Student Loans by the Numbers: Is College Worth It?http://blog.equifax.com/family-money/student-loans-by-the-numbers-is-college-worth-it/
http://blog.equifax.com/family-money/student-loans-by-the-numbers-is-college-worth-it/#commentsMon, 02 Mar 2015 19:52:54 +0000http://blog.equifax.com/?p=11968These days, it’s not uncommon to hear about recent college grads who struggle to repay student loans. According to the Institute for College Access & Success, seven in 10 college seniors who graduated from public and private nonprofit colleges in 2013 had student loans, averaging $28,400.

With dim job prospects and loan debt on the rise, many would-be college students and their parents might be wondering if a college degree is worth it. While the thought of repaying student loans may not be ideal, a college degree can still be worth the cost, provided the numbers work in your favor.

One of the first questions you might be wondering is: Does a college degree really matter? The statistics say they do. According to the Pew Research Center, people with four-year degrees generally fare better than people whose education stops with high school or a two-year degree. Here are some of the findings from the Pew Research Center regarding earnings and college:

The unemployment rate among members of the millennial generation with a four-year degree is 3.8 percent as compared to a rate of 8.1 percent among those with a two-year degree or some college and a rate of 12.2 percent among high school graduates.

The median income (in 2012 dollars) among full-time workers aged 25 to 32 for those with at least a four-year degree is $45,500. Among those with some college or a two-year degree, the median income is $30,000, and among high school graduates the median income is $28,000.

The share of millennials with only a high school diploma living in poverty is 21.8 percent, while among those with at least a four-year degree the share living in poverty is 5.8 percent.

While there can be some earnings overlap among those with two-year degrees and those with four-year degrees in the early years of employment, data indicates that as a career advances, that gap in education opens wider to favor those with more education.

According to the Center on Education and the Workforce at Georgetown University, a high school graduate can expect to earn about $1.3 million over a lifetime, while someone with a bachelor’s degree can expect to earn $2.3 million. Beyond those, someone with a master’s degree can expect $2.7 million, and a doctoral recipient can expect $3.3 million. Professional degrees are the most profitable, with an expectation of $3.6 million over a lifetime.

After looking at the financial advantages of a college degree, student loans may not seem to be a reason to skip going to college. In fact, the Georgetown study found that post-graduate and professional degrees could provide even greater advantages than four-year degrees, provided they are pursued in certain fields.

Now that we’ve shown you some of the numbers that point to the benefits of earning a college degree, let’s talk about choosing a major and the role that plays into lifetime earnings.

The Georgetown data shows that occupational choice can play a big role in determining lifetime earnings. Choosing a major that will help you get into a good career might matter more than simply attaining a certain degree level.

For example, you might do better with a bachelor’s degree in engineering than you would with a masters in fine arts because engineering jobs are in high demand, require a certain degree of specialized skill and expertise, and command higher pay than many jobs in the arts. The Pew Research data agrees with this assessment, indicating that those in science and engineering fields find their degrees useful to a greater degree than those in other fields.

When determining whether college is worth the cost of those student loans, your expected salary upon graduation and the cost of the school you are attending should both be considered. Education expert Mark Kantrowitz says that students should avoid amassing student loans in an amount beyond what they can expect to earn upon graduation. If you can expect a starting salary of $55,000 per year in your field of choice, for example, amassing $150,000 in student loans is probably not the best idea.

Many millennials find themselves in trouble after they graduate from college because they have a degree in a low-paying career field from an expensive school. A little more attention to degree choice and an effort to avoid unnecessarily expensive schools might go a long way toward getting a degree that makes good financial sense.

]]>http://blog.equifax.com/family-money/student-loans-by-the-numbers-is-college-worth-it/feed/0How to Get a Fresh Start on Your Financeshttp://blog.equifax.com/credit/how-to-get-a-fresh-start-on-your-finances/
http://blog.equifax.com/credit/how-to-get-a-fresh-start-on-your-finances/#commentsMon, 12 Jan 2015 19:04:12 +0000http://blog.equifax.com/?p=11656It’s a new year and the perfect time to get a fresh start on your finances. Whether you’re working to pay down debt or build your savings, here are a few tips to help you get your finances in order in 2015.
]]>Getting ahead financially can be easier said than done. Whether it’s due to an unexpected illness, a change in your work situation, or emergency home repairs, there are a number of situations that can strain your finances. Once you find yourself in that position, you may feel like you’re caught in a downward spiral.

If you’re looking to give your finances a “fresh start,” it’s important to understand your options so that you can move forward , successfully. Here are three ways that you can get your finances together this coming year.

1. Downsize your lifestyle

Sometimes a fresh start is all about re-evaluating your lifestyle and downsizing. Take a look at your financial habits and recognize what might need to change if you want to improve your finances going forward.

Some of the actions you can take to downsize your lifestyle include:

Reviewing your transportation situation. Can you commute to reduce gasoline expenses, or do you have an additional car you can afford to sell?

Determining if your current home is the most appropriate for your financial situation or if moving to a smaller rental would allow you to save more effectively.

Taking inventory of the items in your home, determining what you don’t need, selling those items, and using the funds to pay off debts to improve your situation.

Reducing the amount of discretionary spending, such as funds used for entertainment.

2. Work with your creditors and lenders

If you find yourself facing a financial crisis, contact your creditors and talk to them about your options. You can work with your creditors and lenders on a plan that helps you meet your obligations and start fresh. For example, if the situation is temporary, you might be able to get a deferment or a forbearance on your student loans, both of which allow you to postpone your payments (though in the case of forbearance, interest may still accrue).

If you know that your financial setback will be more difficult to overcome, you might be able to arrange a payment plan. Some creditors and lenders are willing to work with you as long as you are sincere in your desire to repay your debt. For example, if you have medical bills, some hospitals will help you create a payment plan. You may even be able to negotiate what you owe.

3. Build up your savings cushion

Even if you’re strapped for cash, it’s important to set aside some money in savings. Without a cushion you may have to reach for your credit card in the event of an emergency, which could land you deeper in debt if you can’t pay off your balance. You will accrue interest on the balance until it’s paid off.

Once you’ve assessed your spending, downsized where you can, and spoken to your creditors about your options, make a plan for saving money. Consider adding a little bit of money to your savings account each paycheck, even if it’s only $20. Have it direct deposited into your savings account or make the deposit yourself at your bank on pay day. If you get paid in cash, have your employer give you a roll of quarters—worth $10—and put those coins away in a jar at home. When it’s full, take the jar to the bank and deposit it.

Make your savings goal manageable. Rather than aiming to save $200 per month, try setting aside $10 or $20 per week. If you get a bonus or work overtime, also put some of that money into savings. You can use it to get ahead on bills, but don’t forget to stash a little away for later.

]]>http://blog.equifax.com/credit/how-to-get-a-fresh-start-on-your-finances/feed/5Prioritize Your Charitable Contributions This Holiday Seasonhttp://blog.equifax.com/family-money/prioritize-your-charitable-contributions-this-holiday-season/
http://blog.equifax.com/family-money/prioritize-your-charitable-contributions-this-holiday-season/#commentsMon, 17 Nov 2014 12:34:45 +0000http://blog.equifax.com/?p=11350With the holiday season on the horizon, you may see an uptick in the number of requests to donate from charitable organizations. We all like to help out when we can, and the holiday season seems an especially appropriate time for many of us to show our generosity.

To help you give back while maintaining a responsible budget, it makes sense to step back and prioritize your charitable contributions during the holiday season.

Where do you think the money will do the most good?

One of the first things you should determine before giving back is where your money will do the most good.

You can find out how your contribution is likely to be used by going to CharityNavigator.org. Charity Navigator shows you how much each dollar you donate is likely to go toward helping the cause the charity supports. If you see that a large percentage of your money is likely to go toward executive pay or fundraising costs, you might want to rethink your donation.

You can also move away from national organizations and look in your local area. One of the ways I make sure my donations are supporting the community is to donate to local efforts such as the food bank or the children’s home. You can actually see your donations at work in the community, and perhaps even sit on the board and help to oversee the charity’s efforts.

Rather than deciding on the spot, figure out which charities you will support before the holiday season begins. For example, I know that I’m going to do a “Sub for Santa” and an “Angel Tree” (programs where you can donate toys or money to provide gifts for people in need) each year, and I budget in advance for that.

In addition, I budget a certain amount for holiday collection efforts, such as the Salvation Army bell ringers or the collection tins at the local grocery store. I figure out what I want to give and get the appropriate number of bills from the bank. Then, every time I pass a collection station, I can put in a dollar until the money is gone.

As a result of planning ahead for charitable donations, I don’t have to worry about making a decision on the spot. Instead, if someone asks, I can politely say no, or I can say that I’ve already donated to various organizations for the holiday season.

Put in the time

If you don’t have the money to donate as much as you would like but you have a little extra time, you can volunteer your services. Offer to help sort and deliver items as needed. Gather donations. Dish up meals at the soup kitchen. Charities need volunteers, and you can give time even if you can’t give money.

In the end, how you give at the holidays—or any time of the year—is up to you. Create a plan, make it a part of your household budget, and stick with what truly makes you feel good about giving.

]]>http://blog.equifax.com/family-money/prioritize-your-charitable-contributions-this-holiday-season/feed/0Four Tips to Getting the Most Bang for Your Investing Buckhttp://blog.equifax.com/retirement/four-tips-to-getting-the-most-bang-for-your-investing-buck/
http://blog.equifax.com/retirement/four-tips-to-getting-the-most-bang-for-your-investing-buck/#commentsTue, 11 Nov 2014 12:18:23 +0000http://blog.equifax.com/?p=11235In recent years, there has been a lot of focus on investing and how it can help you build wealth. However, even with all of the new technological tools that make it easier than ever to start investing, many people still believe they need expensive help to get the best returns for their money.

If you are looking for a better return on your investments without paying an advisor, here are four tips that can help you take charge of your investment portfolio:

1. Look for low-cost index funds and exchange-traded funds (ETFs).

There is a belief that it takes a so-called expert to manage a mutual fund and provide solid returns. However, indicates number of studies indicate that most of the time, index funds outperform actively managed funds. In fact, according to a March 2013 study by personal finance site Nerdwallet, only 24 percent of active mutual fund managers beat the market.

If you are paying for an expertly managed fund, you might be paying more than you need to in fees and still not getting the returns you could be receiving. Consider investing in low-cost index funds and ETFs and leaving the actively managed funds behind.

Thanks to relatively recent regulations, your 401(k) statement is much more transparent than it used to be. That means you should be able to see how much money you are spending on plan fees. If your employer’s plan charges high fees, talk to your Benefits department and lobby for a better plan. If that doesn’t work, you may want to consider contributing just enough to get your employer’s match, then maxing out an IRA or buying stocks.

Make sure that if your employer offers a match you take advantage of it. An employer match can boost your investment earnings over time. Try to get the maximum possible match because that’s free money.

If you have the option, you may also want to consider investing in dividend-paying stocks. A dividend is a cash payment to shareholders based on the company’s earnings. If you invest in dividend-paying companies or funds, you can receive regular payments. These dividends may seem small at first—they can be as low as 10 cents a share—but if you reinvest your dividends, your portfolio can grow.

4. Compare transaction fees.

Don’t forget to compare transaction fees. If your employer offers a self-directed 401(k), which allows employees to choose from a much wider variety of funds, fees can vary depending on the type of investment and number of shares you want to buy.

If you are using a self-directed online discount broker, look for a company that doesn’t charge high fees. One of the best ways to save on transaction fees is to set up an automatic investment plan, as many brokers offer further discounts when you automatically invest each month. Additionally, many brokers will allow you to reinvest your dividends without charging a transaction fee.

Look at account maintenance fees as well. These can be charged as a percentage of your assets or as a flat monthly fee, and cover the cost of everything from the accounting services, to the plan website you can access. Some brokers charge monthly fees or enforce minimums.

The best thing you can do to get the most investing bang for your buck? Be patient. With a little vigilance and some consistent investing, you’ll eventually reach your retirement goals.